Saxo launches entry level account

Saxo Bank has announced the launch of the Essential account – a price competitive solution for entry-level traders bolstering Saxo’s ambition to compete on price, product, service and platform.

The new account will initially launch in UAE January 8 and will be rolled out in UK, Australia and Singapore during the first months of 2018. In the selected markets trading accounts for individuals will consist of Essential, Classic, Platinum and VIP.

The Essential account will offer access to four asset classes; FX, index CFDs, stocks and bonds. Clients will be able to access Saxo’s full range of stocks and bonds, but only the most popular FX pairs and index CFDs at very competitive pricing and low minimum funding of 1,000 EUR. Essential also incorporates additional risk management functionality, with limited loss, limited leverage, in line with recent proposals from European regulators.

Essential is underpinned by SaxoTraderGO, Saxo Bank’s next generation platform built with OpenAPI technology offering functionality across the entire trade cycle – from pre-trade to execution to post-trade services.

Commenting on the launch, Patrice Henault, Global Head of Trader Experience, Saxo Bank, said: “We continuously strive to be the best partner for our clients, with a steadfast commitment to providing market-leading choice on account depth. The launch of our new Essential account is the next step in that journey, offering a price competitive alternative for entry level traders.”

Henault added: “This introduction of Essential aligns us further with our clients’ interests and goes hand in hand with regulatory efforts to introduce greater transparency to trading, prudent leverage and limited risk accounts. In line with this trend, losses on the Essential account on OTC leverage products will not be able to exceed cash deposits and we’ve imposed margin restrictions around certain exposures.”